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IRS Lowers Taxpayer Stress

Taxes

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1. In March 2020, the US Treasury announced a major change to taxes. What was it?

New tax filing deadline of June 15, 2020
New tax filing deadline of July 15, 2020
All tax payments delayed until 2021
Tax payments less than $1M due in 2021

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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1. In March 2020, the US Treasury announced a major change to taxes. What was it?

New tax filing deadline of June 15, 2020
New tax filing deadline of July 15, 2020
All tax payments delayed until 2021
Tax payments less than $1M due in 2021

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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2. Why did the government extend the tax filing deadline by 90 days in 2020?

Due to the closure of the IRS until June 1st
Due to rising public demands
Due to the economic impact of coronavirus
Due to bugs in the AI system used by the IRS

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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2. Why did the government extend the tax filing deadline by 90 days in 2020?

Due to the closure of the IRS until June 1st
Due to rising public demands
Due to the economic impact of coronavirus
Due to bugs in the AI system used by the IRS

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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3. Those who file taxes after July 15, 2020 without applying for an extension...

will need to file in person at the US Treasury
will be fine, the IRS is very understanding
will need to include reasons for being late
will be charged a penalty

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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3. Those who file taxes after July 15, 2020 without applying for an extension...

will need to file in person at the US Treasury
will be fine, the IRS is very understanding
will need to include reasons for being late
will be charged a penalty

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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4. Governments are beginning to use AI to process taxes for all these reasons, except:

to detect tax evasion
to respond to taxpayer questions
to sort the tax forms alphabetically
to make themselves more efficient

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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4. Governments are beginning to use AI to process taxes for all these reasons, except:

to detect tax evasion
to respond to taxpayer questions
to sort the tax forms alphabetically
to make themselves more efficient

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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5. The IRS Commissioner says you’d be shocked what details AI can find about you, using just:

their name and phone number
their date of birth
their previous addresses
the schools they attended

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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5. The IRS Commissioner says you’d be shocked what details AI can find about you, using just:

their name and phone number
their date of birth
their previous addresses
the schools they attended

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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You’ve completed the exercise, now it’s time to learn

more about the current event:

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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Discussion Prompt:

Do you think the IRS has done enough to help the average American? Why or why not?

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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Extend Your Learning

Relevant Resources from NGPF:

What’s new with Taxes? (Blog Post)
What is the deadline for filing your 2022 tax return? (Question of the Day)
Filing Your Taxes (Full Year Course Lesson)

References:

Coronavirus and your taxes: Get a refund now, or wait until July extension (Cnet.com)
IRS Officially Pushes Tax Filing And Payment Deadlines To July 15, Issues New Guidance

(Forbes)

AI Comes to the Tax Code (WSJ)
What’s new for the 2020 tax-filing season (Canada.ca)

IRS LOWERS TAXPAYER STRESS | APRIL 10, 2020 EDITION | NEXT GEN PERSONAL FINANCE